Early Retirement Analysis
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1 Early Retirement Analysis Darienne B. Driver, Ed. D., Superintendent of Schools Himanshu Parikh, Acting Chief Human Resources Officer Alex Rivera, Gabriel Roeder Smith & Company March 21, Milwaukee Public Schools 1
2 Overview At the request of the Board s Committee on Accountability, Finance and Personnel (AFP), the Administration presented the following information at the February 16, 2017 AFP meeting: Benchmark benefits for surrounding school districts with regards to retirement age and other requirements. (for example, Green Bay, Kenosha, Madison and Racine) Scenarios with financial and staffing impact for each of the following with requirement of 90% of eligible sick leave (i.e., 1,044 hours for 10-month employees and 1,080 hours for 12-month employees): Age 55 with 20 years of service, with two-year window at 25%, 50%, 75% or 100% of eligible employees participating. Modification of the retirement age requirement from 60 years to 57 years with current benefits intact, effective July 1, Modification of the retirement age requirement from 60 years to 57 years with curtailment of benefits at age 65 years (current Medicare eligibility age), effective July 1, ) 2017 Milwaukee Public Schools 2
3 Overview Based on the AFP Committee s direction at the February 16, 2017 meeting, the district requested Gabriel Roeder Smith & Company (GRS) to provide costs for additional options of retiring at age 55 years with: Retirement during a two-year window (July 1, 2017 June 30, 2019) with 20 years of service and 70% eligible sick leave (i.e., 812 hours for 10- month employees and 840 hours for 12-month employees). Retirement during a three-year window (July 1, 2017 June 30, 2020) with 20 years of service and 90% eligible sick leave (i.e., 1,044 hours for 10-month employees and 1,080 hours for 12-month employees) Milwaukee Public Schools 3
4 Employees who left MPS by Year 1,600 1, ,200 1, Fiscal Year: * *Note: OPEB eligibility provisions changed effective 07/01/ Milwaukee Public Schools 4
5 Survey Responses School District Name Open/Closed Close date Grandfather age Grandfather Service Cedarburg Closed 10/1/ Franklin Public Schools Open Grafton Open Green Bay Closed 6/30/ Greendale Closed 6/30/2011 none 15 Greenfield Closed 7/1/2010 Eliminated benefit Kenosha Open At age 55 - Single and 62 family 15 Kettle Moraine Closed 7/1/2012 Eliminated benefit Kewaskum Open Madison Open 55 Formula: age + service = 75 Menomonee Falls Closed 6/30/ Mequon-Thiensville Open Merton Community Closed 6/30/2016 Eliminated benefit Milwaukee Public Schools Closed 6/30/ Mukwonago Tiered based on age and service years New Berlin Open Oak Creek-Franklin HRA funded upon retirement 55 none Oconomowoc Closed 55 for administrators; 57 for teachers; 58 for support staff 15 Pewaukee Open Pre ; 2006 and later - 60 Pre ; 2006 and later - 20 Port Saukville Closed 6/1/ Racine Open Shorewood Open 57 none South Milwaukee Open-Tiered plan St. Francis School District Closed 6/30/ Waukesha Open Wauwatosa Open Pre-07/01/ or 07/01/2010 and later West Allis-West Milwaukee Open Varies with employment start date and years of service years West Bend Open Whitefish Bay Closed 7/1/ years 2017 Milwaukee Public Schools 5
6 Summary of Survey Results Age Requirement for Retirement Benefits Eligibility (per Administration s survey) Current/Grandfathered Age Requirement (years) Number of School Districts Total Plan Open Plan Closed Eliminated 3 3 Tiered/Other 3 3 Total Milwaukee Public Schools 6
7 Analysis of Early Retirement Window (ERW) Scenarios Steps taken to prepare the analysis: - Review costs - Evaluate attrition savings and costs - Consider the staffing impact 2017 Milwaukee Public Schools 7
8 Early Retirement Window (ERW) Scenarios The proposed ERW changes the retirement eligibility requirement for retiree healthcare benefits from age 60 with 20 years of service to age 55 with 20 years of service. Two early retirement window periods were considered: o Two-year window from July 1, 2017, to June 30, 2019 o Three-year window from July 1, 2017, to June 30, 2020 The ERW study also considered the impact of reducing the eligibility requirement for Board-paid subsidies from 90% to 70% of the maximum allowable sick leave balance at retirement. School-based employees are required to retire at the end of the school year. ERW eligible members are expected to accelerate retirement. ERW also impacts Supplement Pension Plans, because retirement behavior is expected to change Milwaukee Public Schools 8
9 Early Retirement Window (ERW) Scenarios Three ERW scenarios with the following eligibility requirements were valued: o Scenario 1: Age 55, 20 years of service, 90% of maximum sick leave balance, and two-year window period from July 1, 2017 to June 30, 2019 o Scenario 2: Age 55, 20 years of service, 70% of maximum sick leave balance, and two-year window period from July 1, 2017 to June 30, 2019 o Scenario 3: Age 55, 20 years of service, 90% of maximum sick leave balance, and three-year window period from July 1, 2017 to June 30, 2020 The cost impact assumes 100% participation in the ERW; however, we expect that the program will experience lower participation, for example 50% of the ERW eligible members will select to participate in the program. If 50% of eligible members participate, costs are expected to decrease proportionally Milwaukee Public Schools 9
10 Increase in Costs ($ Millions) Scenario 1 - Age 55 with 20 Years of Service, 90% Maximum Sick Leave, 2-year Early Retirement Window Increase in Costs ($ in Millions) Retiree Healthcare Program Supplemental Pension Plans Total Costs Actuarial Liability as of July 1, 2016 a $ $ 5.93 $ Employer Contributions for Plan Year End b 2018 $ 1.01 $ 1.06 $ a Actuarial Liability measured as of July 1, 2016, based on data as of June 30, b Additional ERW retiree health care costs for School-based Employees are first paid during the plan year ending June 30, Additional ERW retiree health care costs for other employees are first paid during the plan year ending June 30, Additional Supplemental Pension Plan contributions are first paid on July 1, Milwaukee Public Schools 10
11 Increase in Costs ($ Millions) Scenario 2 - Age 55 with 20 Years of Service, 70% Maximum Sick Leave, 2-year Early Retirement Window Increase in Costs ($ in Millions) Retiree Healthcare Program Supplemental Pension Plans Total Costs Actuarial Liability as of July 1, 2016 a $ $ 6.52 $ Employer Contributions for Plan Year End b 2018 $ 1.38 $ 1.15 $ a Actuarial Liability measured as of July 1, 2016, based on data as of June 30, b Additional ERW retiree health care costs for School-based Employees are first paid during the plan year ending June 30, Additional ERW retiree health care costs for other employees are first paid during the plan year ending June 30, Additional Supplemental Pension Plan contributions are first paid on July 1, Milwaukee Public Schools 11
12 Increase in Costs ($ Millions) Scenario 3 - Age 55 with 20 Years of Service, 90% Maximum Sick Leave, 3-year Early Retirement Window Increase in Costs ($ in Millions) Retiree Healthcare Program Supplemental Pension Plans Total Costs Actuarial Liability as of July 1, 2016 a $ $ 7.20 $ Employer Contributions for Plan Year End b 2018 $ 1.15 $ 1.27 $ a Actuarial Liability measured as of July 1, 2016, based on data as of June 30, b Additional ERW retiree health care costs for School-based Employees are first paid during the plan year ending June 30, Additional ERW retiree health care costs for other employees are first paid during the plan year ending June 30, Additional Supplemental Pension Plan contributions are first paid on July 1, Milwaukee Public Schools 12
13 Cost Impact of Different Early Retirement Window Scenarios Assuming 100% of All Eligible Members Elect Early Retirement Window Scenario Early Retirement Window 2-year 2-year 3-year Retiree Age (years) Service (years) Sick Leave -for 10-month employees -for 12-month employees 90% 1,044 hours 1,080 hours 70% 812 hours 840 hours 90% 1,044 hours 1,080 hours Period 07/01/ /30/ /01/ /30/ /01/ /30/2020 Impact on OPEB and Pensions OPEB and Pensions OPEB and Pensions Actuarial Liability ($ in millions) Employer Contributions ($ in millions) Number of Eligible ERW Members OPEB Pension Milwaukee Public Schools 13
14 Next Steps Planning Ahead for Implementing an Early Retirement Window. Opportunity to develop a long-term recruitment & retention plan. Reinvest savings in recruitment, advertisement, training & induction. Opportunity to develop fresh talent. Identify and implement creative approaches to recruitment. Identify creative systems to support a smooth transition in the replacement process. Identify and implement creative approaches to further enhance the substitute teacher pool. Examine severance pay and induction costs. Review estimated financial impact Milwaukee Public Schools 14
15 Compensation and Benefit Impact The compensation impact has been estimated based on the following assumptions: - All vacancies due to the Early Retirement Window will be filled. - Employees hired/transferred into the vacant positions shall be compensated as follows: o Principals and assistant principals at average of salary grade of the respective position. o Teachers at $47,000 (FY year average was $46,800). o Building service helpers, children s health assistants, and food service workers at starting salary range. o All other employees at top of first quartile of salary range. o Compensation savings are calculated up to employee s age of 60 years Milwaukee Public Schools 15
16 Increase in OPEB Employer contributions The Increase in OPEB Employer contributions estimated based on the following assumptions: All Potential District Support Employees retired as soon as all eligibilities are met and start OPEB following the month of retirement. All Potential School Based Employees retired on the following June 30 after their eligible retirement date and start OPEB the following September 1. Increase in OPEB Employer contributions is calculated up to the end of the month in which retiree reaches age 60 years. For OPEB Employer Contribution calculations, 2017 Board Paid Subsidy amounts are used. Annual salary and Employee Health Insurance type as of 7/1/2016 was used to determine the Board Paid Subsidy Amount Milwaukee Public Schools 16
17 Age 55 with Two-Year ERW at 100% Service 20 90% Sick Leave Estimated Financial Impact ($ in millions) FY FY FY FY FY FY FY Compensation Attrition Savings¹ $0.91 $9.50 $10.62 $8.55 $5.93 $3.60 $1.30 Employer Share of Pension and FICA and Medicare taxes estimated at 14.45% Total Savings Increase in OPEB Employer contributions¹ ² Increase in Pension Employer contributions Net Savings/ (Costs) (0.83) (0.05) ¹ Compensation Attrition Savings and Increase in OPEB Employer contributions are estimated up to age of 60 by MPS and Increase in Pension Employer contributions are estimated by GRS ² Increase in OPEB Employer contributions use 2017 Board Paid Subsidy amount If this scenario was implemented and if 100% eligible employees retired, Net Savings over a seven-year period are estimated at $13.41 million based on retirement date to employee s age Milwaukee Public Schools 17 If 50% eligible employees retired the Savings and Costs are estimated at 50% of the 100% eligible employees amount i.e. $6.71
18 Age 55 with Two-Year ERW at 100% Service 20 70% Sick Leave Estimated Financial Impact ($ in millions) FY FY FY FY FY FY FY Compensation Attrition Savings¹ $1.09 $10.79 $12.04 $9.76 $6.88 $4.19 $1.58 Employer Share of Pension and FICA and Medicare taxes estimated at 14.45% Total Savings Increase in OPEB Employer contributions¹, ² Increase in Pension Employer contributions Net Savings/ (Costs) (1.04) (0.01) ¹ Compensation Attrition Savings and Increase in OPEB Employer contributions are estimated up to age of 60 by MPS and Increase in Pension Employer contributions are estimated by GRS ² Increase in OPEB Employer contributions use 2017 Board Paid Subsidy amount If this scenario was implemented and if 100% eligible employees retired, Net Savings over a seven-year period are estimated at $14.63 million based on retirement date to employee s age 60. If 50% eligible employees retired the Savings and Costs are estimated at 50% of the 100% eligible employees 2017 Milwaukee amount Public i.e. $7.32 Schools 18 million, provided 50% employee salaries are proportionate to the 100% eligible employees.
19 Age 55 with Three-Year ERW at 100% Service 20 90% Sick Leave Estimated Financial Impact ($ in millions) FY FY FY FY FY FY FY FY Compensation Attrition Savings¹ $0.98 $9.55 $10.75 $11.68 $8.89 $6.37 $3.88 $1.21 Employer Share of Pension and FICA and Medicare taxes estimated at 14.45% Total Savings Increase in OPEB Employer contributions¹, ² Increase in Pension Employer contributions Net Savings/ (Costs) (1.18) (0.27) ¹ Compensation Attrition Savings and Increase in OPEB Employer contributions are estimated up to age of 60 by MPS and Increase in Pension Employer contributions are estimated by GRS ² Increase in OPEB Employer contributions use 2017 Board Paid Subsidy amount If this scenario was implemented and if 100% eligible employees retired, Net Savings over a eight-year period are estimated at $15.3 million based on retirement date to employee s age Milwaukee Public Schools 19 If 50% eligible employees retired the Savings and Costs are estimated at 50% of the 100% eligible employees amount i.e. $7.65 million, provided 50% employee salaries are proportionate to the 100% eligible employees.
20 Financial Impact Summary of Different Early Retirement Window Scenarios at 100% participation Estimated Financial Impact ($ in millions) Age 55 Service 20 90% Sick Leave with Two-Year ERW Age 55 Service 20 70% Sick Leave with Two-Year ERW Age 55 Service 20 90% Sick Leave with Three-Year ERW Compensation Attrition Savings¹ $40.41 $46.33 $53.31 Employer Share of Pension and FICA and Medicare taxes estimated at 14.45% Total Savings Increase in OPEB Employer contributions¹, ² Increase in Pension Employer contributions Net Savings/ (Costs) (Over 7 years) (Over 7 years) (Over 8 years) ¹ Compensation Attrition Savings and Increase in OPEB Employer contributions are estimated up to age of 60 by MPS and Increase in Pension Employer contributions are estimated by GRS ² Increase in OPEB Employer contributions use 2017 Board Paid Subsidy amount 2017 Milwaukee Public Schools 20
21 Staffing Impact of Changing to Age 55 Service 20 90% Sick Leave with two-year window at 100% eligible employees participating Retirements in FY Impact in FY Grand Total Accountants 1 1 Administrators Clericals Educational Asst Food Service Local PAMPS Teachers School based total Retirements in FY Impact in FY Grand Total Administrators Clericals Engineers Building Service Helpers Local Skill Trades District support Milwaukee Public Schools 21
22 Staffing Impact of Changing to Age 55 Service 20 70% Sick Leave with two-year window at 100% eligible employees participating Retirements in FY Impact in FY Grand Total Accountants 1 1 Administrators Clericals Educational Asst Food Service Local PAMPS Teachers School based total Retirements in FY Impact in FY Grand Total Administrators Clericals Engineers Building Service Helpers Local Skill Trades District support Milwaukee Public Schools 22
23 Staffing Impact of Changing to Age 55 Service 20 90% Sick Leave with three-year window at 100% eligible employees participating Retirements in FY Impact in FY Grand Total Accountants 1 1 Administrators Clericals Educational Asst Food Service Local PAMPS Teachers School based total Retirements in FY Impact in FY Grand Total Administrators Clericals Engineers Building Service Helpers Local Skill Trades District support Milwaukee Public Schools 23
24 Recommendation Based on the analysis provided, the Administration recommends an Early Retirement Window be offered for eligible employees to retire within a three-year period (July 1, 2017 to June 30, 2020) if they meet all of the following requirements: - age 55 years - 20 years of service - 90% of the sick leave (i.e., 1,044 hours for 10-month employees and 1,080 hours for 12-month employees) At 100% participation in the ERW, net savings over eight-year period is estimated at $15.30 million Milwaukee Public Schools 24
25 Early Retirement Analysis Milwaukee Board of School Directors Mark Sain, District 1, President Larry Miller, District 5, Vice President Wendell J. Harris, Sr., District 2 Michael Bonds, Ph.D., District 3 Annie Woodward, District 4 Tatiana Joseph, Ph.D., District 6 Claire Zautke, District 7 Carol Voss, District 8 Terrence Falk, At-Large MPS Senior Team Darienne B. Driver, Ed.D., Superintendent of Schools Gina Spang, P.E., Chief of Staff Tonya Adair, Chief Innovation & Information Officer Ruth Maegli, Chief Academic Officer Gerald Pace, J.D., Chief Financial Officer Himanshu Parikh, Acting Chief Human Resources Officer Keith Posley, Ed.D., Chief School Administration Officer Wendell Willis, Chief Operations Officer Sue Saller, Manager, Superintendent s Initiatives Ashley Lee, Special Assistant to the Superintendent 2017 Milwaukee Public Schools 25
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